Two important legislative issues saw significant attention this week while Georgia credit unions were in Washington, D.C., at Hike the Hill: data breach legislation and additional tax reform legislation. The Hikers provided information on these issues during a window of time with much activity of interest to the industry while these issues were taking shape in Washington:
Data Breaches: Rep. Blaine Luetkemeyer (R-MO) introduced H.R. 6743 data breach notification legislation last week, and on September 13th the House Financial Services Committee began the deliberation process. The bill would create a national notification standard requiring timely notice to impacted consumers, law enforcement and applicable regulators and preemption of the existing patchwork of often conflicting and contradictory state laws. So regardless where the breach took place or where the impacted individual resides, all consumers would be treated consistently regardless of their state. This clarity is a positive step for data security.
Tax Reform: House Republicans released some details last week on a proposed second round of tax cuts, with three bills introduced as part of the “Tax Reform 2.0” package: the Protecting Family and Small Business Tax Cuts Act HR 6760, the Family Savings Act HR 6757, and the American Innovation Act HR 6756. The House Ways and Means Committee has already begun deliberations, and while it does not impact the credit union income tax deduction presently, it will be monitored closely. It is anticipated that the House may vote on this new tax reform package as early as the end of the month. However, what happens in the Senate remains to be seen, and there may be various versions of this bill, so stay tuned!